The rating on St. Petersburg, Fla.-based Jabil Circuit Inc. reflects good operational performance, a growing electronic manufacturing services (EMS) market position, and a lightly leveraged balance sheet, offset by competitive industry conditions and some customer concentration. Jabil is a leading provider of electronics manufacturing services to such leading original equipment manufacturers (OEMs) as Koninklijke Philips Electronics N.V., Cisco Systems Inc., and Hewlett-Packard Co. Jabil had about $588 million in total debt outstanding, including operating leases and securitizations, at November 2005. Revenues for the November quarter improved 31% over the year-ago period, sustaining its two-year 15% growth rate, driven by successful new program wins in its core consumer market and its smaller but growing instrumentation and medical markets. Jabil continues to
